AMSTERDAM (AP) — ArcelorMittal SA, the global steel-making giant, has reported a loss for the first quarter, even as restructuring efforts are beginning to pay off and the steel market is stabilizing after a sharp decline in mid-2012.

The net loss was 345 million euros ($450 million), compared to a profit of 92 million euros in the first quarter of 2012. The worse results were due to weaker operations and because the Luxembourg-based company had a tax windfall this time last year.

The company's Indian born chief executive Lakshmi Mittal said Friday economic conditions are still difficult, but a shift to producing more steel in the company's most competitive plants and geographies is paying off.